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Old 12-12-2016, 09:36 AM
 
Location: Living rent free in your head
31,084 posts, read 13,607,016 times
Reputation: 22142

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Quote:
Originally Posted by NewbieHere View Post
I agree. The U.K. Has already changed to age 70 for the younger than 40 crowd.
I don't think that is correct, but please provide a source if you have information that conflicts with this:

"Between October 2018 and October 2020, both men and women's state pension age will increase to 66. And between 2026 and 2028, it will rise again to 67. Further rises will be linked to life expectancy."
New state pension age: when will you retire? | This is Money

 
Old 12-12-2016, 09:41 AM
 
Location: Living rent free in your head
31,084 posts, read 13,607,016 times
Reputation: 22142
Quote:
Originally Posted by TuborgP View Post
You have revealed the reality of this plan. It is similar to what activist Progressives have proposed as a way to raise SS benefits for the needy. Thus you could have consensus of the more far out left and right thinkers.
What it is saying us that based on lifetime income you had the opportunity to save yourself
How can you "save yourself"? Most of us have limited control on what we can expect in terms of wages, it's not just based on initiative or will, there are other factors involved, education, skill set, demographics. The poorest people usually die poor...
 
Old 12-12-2016, 10:00 AM
 
Location: St. Cloud
285 posts, read 177,725 times
Reputation: 344
Quote:
Originally Posted by 2sleepy View Post
I don't think that is correct, but please provide a source if you have information that conflicts with this:

"Between October 2018 and October 2020, both men and women's state pension age will increase to 66. And between 2026 and 2028, it will rise again to 67. Further rises will be linked to life expectancy."
New state pension age: when will you retire? | This is Money
Can someone explain to me, a 19yo, the logic of raising retiring age due to life expectancy rising?

I get we're living longer lives, but that doesn't mean your bodies are working the same too. So can these older people even work at that age? It makes little sense to me when you know that peoples bodies can only take so much for so long.

I base this off of my grandmother. She only worked in a factory her entire life and her body is shot. She's not even 60 yet (had a kid young and her kid had me young). I watched her go from being able to playfully tickle me and shake me around to struggling with a flight of stairs to struggling just to stand up from sitting on the couch. That factory work took a heavy toll on her body, ruined her left arm (now she needs therapy just to get it to half what it was before), and left her with little because she was too young to retire but didn't qualify for workers comp.

So from watching her, and watching how older people become just less mobile and fast (as all my aunts and uncles are in their 50s), I see no real use to raising retiree age based on life expectancy when people just can't do as much as they could.
 
Old 12-12-2016, 10:14 AM
 
Location: Retired
648 posts, read 498,041 times
Reputation: 1057
Quote:
Originally Posted by 2sleepy View Post
I am not clear how the 50k in SS benefits got started in this thread, but I don't think that is correct. The discussion of benefit cuts are based on the average lifetime earnings (AIME) This chart, taken from this article might make it a bit easier to understand:
Bend points already penalize those who make over $49000 per year. In social security, the middle class subsidizes the working poor, so the wealthy won't have to. Further reducing benefits for the middle class, to further subsidize the poor, will kill Social Security, as it makes what is already a bad deal even worse. It will end up being like the ACA, which does not have a broad enough base of support to stay alive. The middle class would be far better off taking their payroll taxes, and the employer matching amount, into a private 401k that can't be touched until retirement. Then the working poor would have to be subsidized from the general fund.
 
Old 12-12-2016, 10:17 AM
 
12,014 posts, read 5,130,833 times
Reputation: 18784
Quote:
Originally Posted by ChrisTK View Post
Can someone explain to me, a 19yo, the logic of raising retiring age due to life expectancy rising?

I get we're living longer lives, but that doesn't mean your bodies are working the same too. So can these older people even work at that age? It makes little sense to me when you know that peoples bodies can only take so much for so long.

I base this off of my grandmother. She only worked in a factory her entire life and her body is shot. She's not even 60 yet (had a kid young and her kid had me young). I watched her go from being able to playfully tickle me and shake me around to struggling with a flight of stairs to struggling just to stand up from sitting on the couch. That factory work took a heavy toll on her body, ruined her left arm (now she needs therapy just to get it to half what it was before), and left her with little because she was too young to retire but didn't qualify for workers comp.

So from watching her, and watching how older people become just less mobile and fast (as all my aunts and uncles are in their 50s), I see no real use to raising retiree age based on life expectancy when people just can't do as much as they could.
At some point there is no logic to this except it meets their criteria to continue to push for raising retirement age. As much as the federal government wants you to believe that you are going to live into your 90s chances are very good that's not going to happen. Also take into account that while your next door neighbor might beat the odds and live to be 95, the rest of us will die much sooner than that. Also, just because you live into your 80s or 90s, it certainly doesn't mean you will have the physical stamina to work as is the case of your grandmother.
So at some point, they'll have to stop using that as a criteria. Personally, if they can guarantee me that I'll live to be 85 and stay healthy, sure, I'll continue to work until my early 70s.
 
Old 12-12-2016, 10:27 AM
 
Location: SoCal
13,236 posts, read 6,340,776 times
Reputation: 9854
Quote:
Originally Posted by 2sleepy View Post
I don't think that is correct, but please provide a source if you have information that conflicts with this:

"Between October 2018 and October 2020, both men and women's state pension age will increase to 66. And between 2026 and 2028, it will rise again to 67. Further rises will be linked to life expectancy."
New state pension age: when will you retire? | This is Money
It's 68, I was off by 2 years going by memory. But they can't take it early like 62 unlike USA.
 
Old 12-12-2016, 10:37 AM
 
18 posts, read 6,581 times
Reputation: 86
Default not so

Quote:
Originally Posted by marino760 View Post
The ignorance and fear mongering in this thread is astounding. Any changes to SS will be and always have been done in a way that it does not effect those already in retirement or within 5 - 10 years of retirement. Those affected by far are the youngest Americans who are still years and decades from retiring.
Everybody get a grip and stop with the lies and false news. You people are ridiculous and seem to thrive with putting seniors who don't know any better into a panic. Shame on you.

This is incorrect. The Bipartisan Budget Act of 2015 made fairly significant changes to SS filing options that became effective the following year.
 
Old 12-12-2016, 10:48 AM
 
Location: plano
6,574 posts, read 8,108,094 times
Reputation: 5812
As usual msm doesn't understand difference in dollars today and future dollars. Cut means wake cut now, Wil cut is correct which means will cut in future. Huge difference but msm isn't smart enough to be honest but prefers partisan bashing to solutions. Partisan bashing rather than real solution to hard 'rebels ms created by the fed gov own ineptness.
 
Old 12-12-2016, 10:55 AM
 
29,782 posts, read 34,876,173 times
Reputation: 11705
Quote:
Originally Posted by 2sleepy View Post
How can you "save yourself"? Most of us have limited control on what we can expect in terms of wages, it's not just based on initiative or will, there are other factors involved, education, skill set, demographics. The poorest people usually die poor...
Agreed but others would use a much higher annual lifetime income. It is a extreme concept in many ways but in some ways is a logical form of means testing based not on retirement income but the income generated in a lifetime that could have been used for retirement savings.
 
Old 12-12-2016, 10:55 AM
 
Location: Living rent free in your head
31,084 posts, read 13,607,016 times
Reputation: 22142
Quote:
Originally Posted by NewbieHere View Post
It's 68, I was off by 2 years going by memory. But they can't take it early like 62 unlike USA.
Did you find a source for that because this is what I posted:

Quote:
Between October 2018 and October 2020, both men and women's state pension age will increase to 66.
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